Pierre et Vacances (VAC) Q4 2025 earnings summary

Executive summary

• Revenue for FY 2025 reached €1.95 billion, with tourism revenue up 3.8% and adjusted EBITDA at €181 million, exceeding guidance.

• Net income was €41 million, marking the second consecutive year of positive results.

• Operational cash flow rose to €74 million, and net cash position improved to €45 million, reflecting strong financial foundations.

• Customer satisfaction (NPS) increased by 20 points over three years, driven by premiumization and refurbishment.

• Accelerated development included nearly 1,500 new accommodation units, portfolio expansion, and entry into new geographies.

Financial highlights

• Total revenue reached €1.946 billion, up 1.7% year-over-year; tourism revenue was €1.875 billion, up 3.8%.

• Accommodation revenue grew 3.3% to €1.439 billion, driven by higher average daily rates.

• EBITDA increased to €181.1 million (9.7% margin), despite one-off impacts from site closures.

• Net financial charges decreased due to debt repayments and lower average cost of debt.

• Net profit reached €41 million, up 41% year-over-year.

Outlook and guidance

• Bookings for autumn, winter, and spring 2026 are significantly up compared to the previous year.

• The group targets an 11% EBITDA margin and €270 million EBITDA by 2030, with €185 million EBITDA targeted for 2026.

• Strategic review underway, with decisions expected in early 2026 and potential changes in shareholder structure.